Ethena (ENA) Price Surges 19.27%… Upbit Listing Announcement

Korea's largest cryptocurrency exchange Upbit has announced the official listing of Ethena's native token ENA.

After the announcement, the ENA price showed a double-digit surge.

Ethena ENA Token Rises After Upbit Listing

In today's official notice, Upbit revealed that ENA can be traded against Korean Won (KRW), Bitcoin (BTC), and Tether (USDT). Trading will begin at 5 PM Korean Standard Time (KST) today.

ENA deposits and withdrawals will start within two hours of the announcement. The exchange added that deposits are only supported through the Ethereum network.

Users were advised to verify the network before depositing. Trading support start time may be delayed if sufficient liquidity is not secured.

"The contract address for ENA supported by Upbit is 0x57e114B691Db790C35207b2e685D4A43181e6061. Please verify the contract address when proceeding with ENA deposits and withdrawals." – Notice

This listing announcement follows yesterday's addition of Hyperrain (HYPER) and Babylon (BABY), demonstrating Upbit's continued expansion efforts. Such listings have triggered altcoin price increases, and ENA was no exception.

According to market data, ENA rose from approximately $0.327 to $0.390, recording a 19.27% increase. It later gave back some gains and was trading at $0.357 at the time of writing, still up 9.9%.

Additionally, ENA has experienced a 42.3% increase over the past two weeks, which is particularly noteworthy considering over 210 million new ENA tokens entered the market.

According to Tokenomist, ENA experienced two token unlocks this month. On July 2nd, 40.63 million tokens were released, and an additional 171.88 million tokens were unlocked on July 5th. Despite this, ENA maintained its upward trend.

Furthermore, the growth of the Ethena Protocol is remarkable. According to CryptoRank, the protocol's total revenue reached $290.2 million on July 9th, positioning it among the world's top stablecoin issuers after Tether, Circle, and Sky.

The research and analysis platform also emphasized that Ethena is the second-fastest platform to achieve cumulative revenue of $100 million, doing so 251 days after its launch.